What’s Ahead For Mortgage Rates This Week – June 27, 2016

Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.

“Brexit” Vote Tanks Stocks, Could Cause Lower Mortgage Rates

US stocks plunged in reaction to the news of Britain’s decision to leave the EU and the resignation of its Prime Minister. While investors don’t want to see their 401(k) values crash, mortgage rates may also fall as a result of “Brexit”. Fallout caused by economic uncertainty connected with Great Britain’s move to regain independence is expected to have lingering influence on global financial and economic developments in coming months and years.

Fed Chair Janet Yellen said in testimony before the Senate Banking Committee that Great Britain’s decision to leave the EU could have significant consequences. Chair Yellen’s comments were made prior to Friday’s announcement of Great Britain’s decision.

Existing Home Sales Highest Since 2007, Home Prices Continue Rising

According to the National Association of Realtors® May sales of pre-owned homes hit their highest level since February 2007. May’s seasonally-adjusted annual reading of 5.53 million sales fell just shy of analysts ‘expectation of 5.55 million sales, but exceeded April’s reading of 5.43 million sales. May’s reading represented a 1.80 percent increase in sales and a year-over-year increase of 4.50 percent.

Short supplies of available homes continued to drive up home prices according to NAR chief economist Lawrence Yun, who expressed concerns about affordability as home prices continued to outstrip wages and inflation. The national median home price was $239,700 in May, which was 4.70 percent higher year-over-year. Although first-time buyers typically represent about 40 percent of homebuyers, they currently account for 30 percent of homebuyers.

New Home Sales Fall in May

Sales of new homes slowed in May after jumping in April. According to the Commerce Department, sales of new homes fell by 6.00 percent on a seasonally adjusted annual basis. 551,000 new homes were sold against the expected reading of 560,000 new homes sold and April’s downwardly revised reading of 586,000 new homes sold. New home sales were 8.70 percent higher year-over-year in May.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Last week’s mortgage rates don’t reflect the Brexit decision and rose slightly on Thursday. The average rate for a 30-year fixed rate mortgage was two basis points higher at 3.56 percent; the average rate for a 15.year fixed rate mortgage was also two basis points higher at 2.83 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.74 percent. Discount points rose to 0.60 percent for a 30-year fixed rate mortgage but were unchanged at 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

What’s Ahead

Next week’s economic events include Case-Shiller Housing Market Indices, Pending Home Sales, Consumer Spending and Construction Spending

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15743 W Sierra Street Surprise, AZ 85379

$630,000

5 Beds

3.5 Baths

4,035 SqFt

Status Active

MLS # 6701423

Property Type Single Family Residence

Price Type --

This impeccably upgraded home features freshly painted walls and new carpeting, enhancing its already charming appeal. From the stylish tile, cabinets, and granite countertops to the welcoming loft and game room, every detail exudes modern elegance. The master bedroom boasts luxury amenities, including a separate large tub and shower, double sinks, and not one, but two master closets. Additionally, there's a cozy den, perfect for relaxation or work. The expansive formal dining area adds to its allure. With its refreshed interiors and upgraded features, this home offers a perfect blend of comfort and sophistication for tenants to enjoy.

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57 N Roadrunner Road Apache Junction, AZ 85119

$630,000

4 Beds

3 Baths

2,086 SqFt

Status Active

MLS # 6775561

Property Type Single Family Residence

Price Type --

Your Arizona Dream Awaits! Nestled on over 1 acre, this stunning property features a 3-bedroom, 2-bathroom home, plus a casita, perfect for guests or additional space. Complete with a horse setup and million-dollar views, this home offers the ultimate Arizona lifestyle. Imagine sitting on your back patio, watching the sunrise, or waiting for the moon to rise from the East. The interior boasts vaulted ceilings and a desirable split floorplan, providing privacy and a spacious feel. With plenty of room for parking and the serenity of being away from it all, this property is ready to become your desert retreat.

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18031 N Buntline Drive Sun City West, AZ 85375

$630,000

3 Beds

2 Baths

2,247 SqFt

Status Active

MLS # 6765848

Property Type Single Family Residence

Price Type --

Welcome to our jewel in the desert. This home is situated on the corner of Parkwood Drive and Buntline Road. Located on the 16th green of the Pebblebrook golf course. Complete with your own private swimming pool, this home has recently had a complete new roof installed. This home has three bedrooms, an open kitchen complete with upgraded quartz countertops. You are invited to come and enjoy all the improvements done. Thanks very much. Professional photography taken Monday, October 7, 2024.

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2057 E Marquette Drive Gilbert, AZ 85234

$630,000

4 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6772728

Property Type Single Family Residence

Price Type --

Rare remodeled single-story home with 4 bedrooms and a 3-car garage in desirable Val Vista Lakes! This open-concept home features soaring vaulted ceilings, a cozy fireplace, and a beautifully remodeled kitchen with stone countertops + farmhouse sink. Mix up your favorite beverage at the custom coffee/wet bar with mini fridge. Updated bathrooms add a fresh, modern touch. Outside, enjoy the large covered patio, mature trees, and low-maintenance artificial turf. Huge additional space to add your own pool / shop or other backyard entertainment. Lots of parks and trails just steps away. Perfectly located near the 60, downtown Gilbert, Epicenter and the Riparian Preserve. Don't miss this opportunity to own a stunning home in a prime location with desirable VV Lakes amenties and low HOA.

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20431 W Lost Creek Drive Buckeye, AZ 85396

$630,000

3 Beds

2.5 Baths

2,856 SqFt

Status Active

MLS # 6774424

Property Type Single Family Residence

Price Type --

Charming Engle Alvarado home with private backyard. Welcome to your dream home! This meticulously maintained 3-bedroom, 2.5-bath residence perfectly blends mid-century charm with modern convenience. Upon entering, you'll find a bright and secluded office, ideal for remote work or study. The heart of the home features a spacious kitchen with a large center island, perfect for meal prep or casual gatherings. Sliding glass doors and multiple oversized windows make the space in this home light, bright and airy. Would you like multiple storage areas in your new home? This house has that! Coat closet, pantry, large laundry room and oversized linen closet. The single stall third car garage shares three interiors walls, offering additional storage space. Step outside to the interior courtyard, perfect for al fresco dining just off the kitchen. The expansive backyard features low-maintenance landscaping and offers a private oasis for hosting family and friends. This tidy home is a true gem and will not last long. Located in the Main St district of Verrado, with winding tree-lined streets where front porch parties happen organically and community celebrations just keep bringing people together. With over 26 miles of hiking and biking trails, there are plenty of opportunities for kids and adults of all ages to get out enjoy everything from a casual morning stroll to an ambitious summit hike. Verrado's walkable Main Street district means shops and restaurants are only minutes from your door. Five highly performing schools and more than 86 neighborhood parks are yet another part of what makes Verrado so special. However you decide to spend your days, you can rest assured you'll end each one with an unforgettable White Tank Mountain sunset.

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10908 W Sieno Place Avondale, AZ 85392

$630,000

5 Beds

3 Baths

2,869 SqFt

Status Active

MLS # 6780055

Property Type Single Family Residence

Price Type --

BEAUTIFUL LAKE FRONT HOME in highly desired GARDEN LAKES ESTATES! Private lake access, 5 bedroom, 3 bath, roof and upstairs ac replaced in 2018, three car garage, east side of home RV parking, breath taking vaulted ceiling entry, open concept kitchen, fireplace in family room AND MUCH MORE! Get your buyers in this home and they'll never leave!

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15632 N 51st Street Scottsdale, AZ 85254

New

$630,000

3 Beds

2 Baths

1,570 SqFt

Status Active

MLS # 6786530

Property Type Single Family Residence

Price Type --

Gorgeous New Upgrades! Comfort meets modern style in this beautiful home in Paradise Manor at the desirable magic zip code of 85254. Offering 3 bedrooms, 2 bath 2-car garage & direct access and views of the greenbelt. Fabulous interior vaulted ceilings, brand new paint, modern light fixtures & over $40K in NEW windows & doors. Large living & dining room with fireplace and a bay window! The fully equipped kitchen boasts brand new quartz counters, refinished cabinetry, a breakfast bar & a cozy nook. Main bedroom has outdoor access & a remodeled ensuite with dual sinks, custom tiled step-in shower & a walk-in closet. Private yard & lovely views of the greenbelt & no neighbor behind. Owned solar lowers electric bills. Water heater from 2022, New oven, microwave & stove in 2024! WOW!

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2739 E Sourwood Drive Gilbert, AZ 85298

$630,000

3 Beds

2 Baths

2,303 SqFt

Status Active

MLS # 6786360

Property Type Single Family Residence

Price Type --

This beautiful 3-bedroom, 2-bathroom home is in an unbeatable location that borders a common area on the side and with no neighbors behind for added privacy. Offering 2,303 sqft of spacious living, this home features large bedrooms, a den, and a bonus room for flexible use. The living room, complete with a gas fireplace, is perfect for relaxing in front of a warm fire, while the neutral interior paint tones, tile flooring, and big windows add to the bright atmosphere. The kitchen boasts beautiful granite countertops, walk-in pantry and an island. Outside, the covered patio opens up to a low-maintenance backyard with pavers, new artificial grass (2023) and new landscape lighting (2020). Fantastic upgrades include a new water heater (2024), new water softener (2024) and newer A/C (2020). Additional features include an alarm system and complete pest control update roof and exterior in 2023. This home is as functional as it is beautiful!

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917 W Mcdowell Road Phoenix, AZ 85007

$630,000

4 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6787378

Property Type Single Family Residence

Price Type --

Embrace the timeless charm of this red-brick and block transitional ranch home, ideally located in the highly sought-after FQ Story neighborhood, known for its rich architectural character. This historic gem features original details such as 9-foot beveled ceilings, French doors, classic windows, and stained concrete floors. The living room's high-beamed ceilings and period wood-burning fireplace add warmth and elegance, complemented by a formal dining room with original built-ins. The spacious eat-in kitchen showcases a vintage gas range and a practical interior laundry area. With four sizable bedrooms, each offering cedar-lined walk-in closets, and two beautifully preserved bathrooms, this home provides both comfort and style. The oversized private lot is perfect for outdoo

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4612 W Agave Avenue Eloy, AZ 85131

$630,000

2 Beds

2.5 Baths

2,208 SqFt

Status Active Under Contract

MLS # 6767045

Property Type Single Family Residence

Price Type --

You'll love this popular MIRAMONTE model on a private lot, built in 2020. This stunning home features 2 bedrooms, 2.5 baths, a den, and an extended 3-car garage. The kitchen boasts Quartz countertops, upgraded cabinets with under-cabinet lighting, a custom wine rack, RO system, stainless steel appliances, a Blanco granite sink, and pendant lights. The master suite includes a tiled walk-in shower and granite vanities, while the guest room offers a spacious en-suite with a tiled shower. Other highlights include wood flooring, 8-ft doors, and a separate single garage with its own entrance, 220 amp, epoxy flooring, and mini-splitter. The landscaped backyard features extended pavers and a 20x20 patch of real grass, perfect for pets!

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3721 E Navaho Street Sierra Vista, AZ 85650

$630,000

5 Beds

3 Baths

3,278 SqFt

Status Active Under Contract

MLS # 6771078

Property Type Single Family Residence

Price Type --

This palatial 3,278 sqft home offers the perfect blend of comfort and style, featuring 5 bedrooms, plus a den, a loft, and a guest house complete with a full bath and kitchenette. The extra-deep 3-car garage and RV parking provide ample space for toys and hobbies, while the expansive backyard is perfect for entertaining, with a heated pool and spa. The main floor boasts a lavish primary suite with a sitting room and large spa-like ensuite with a jetted tub and walk in shower. Upstairs, oversized guest rooms surround a spacious loft. A large laundry room with a laundry chute adds convenience. With brand new carpet, fresh paint, a new stove, plus a newer roof & water heater, and owned solar system, this home is truly impressive!

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8866 E Shangri La Road Scottsdale, AZ 85260

$630,000

3 Beds

2.5 Baths

2,172 SqFt

Status Active Under Contract

MLS # 6778719

Property Type Single Family Residence

Price Type --

Located in the heart of Scottsdale, this beautifully updated 3-bedroom, 2.5-bathroom plus loft home offers 2,172 sq. ft of living space. Step inside to find LVP flooring throughout, complemented by neutral paint that sets a welcoming tone. The kitchen is designed for both cooking and gathering, featuring granite counter tops, a gas range, stainless steel appliances, and subway tile backsplash. Upgraded lighting and sleek hardware add a modern touch. The flexible floor plan includes a bonus loft upstairs, ideal for a home office, play area, or workout space. The oversized primary bedroom includes a walk-in closet. Outside, enjoy the privacy and ease of a low-maintenance, lock-and-leave style yard. The home also offers direct access to the adjacent greenbelt park, perfect for pets or kids to run and play. Centrally located in the Shea Corridor with easy access to Scottsdale's top shopping and dining, plus Honor Health, Mayo Clinic and the 101 Freeway. This home is truly move-in ready whether you call Arizona your full-time home or a part-time escape.

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